Today, the House Financial Services Committee, led by Chairwoman Maxine Waters (D-CA), passed five bills to suspend Ukraine’s crippling debt obligations, crack down on Russian oligarchs for evading existing sanctions, deny Putin economic resources and access to financial markets, and isolate Russia from major financial and intergovernmental forums. Four of the bills passed on a bipartisan basis.
H.R. 7080, the Nowhere to Oligarchs’ Assets Act is a bill offered by Chairwoman Maxine Waters (D-CA) that will help the Financial Crimes Enforcement Network (FinCEN) and its law enforcement partners detect Russian oligarchs who are participating in money laundering techniques to hide their money, avoid scrutiny, and evade our sanctions.
Passed the Committee by a vote of 26-23.
H.R. 7066, the Russia and Belarus Financial Sanctions Act is a bill offered by Representative Brad Sherman (D-CA) that will clarify that foreign subsidiaries of U.S. financial institutions must comply with American sanctions against Russia and Belarus.
Passed the Committee by a voice vote.
H.R. 7081, the Ukraine Comprehensive Debt Repayment Relief Act is a bill offered by Representative Jesus “Chuy” Garcia (D-IL) that will direct the Treasury to use its influence at the International Monetary Fund, the World Bank, other multilateral development banks, and with private creditors to press for the suspension of all debt owed by Ukraine and for financial assistance to Ukraine and the countries along its borders taking in refugees.
Passed the Committee by a voice vote.
H.R. 6891, the Isolate Russian Government Officials Act is a bill offered by Representative Ann Wagner (R-MO) that seeks to exclude Russian government officials from the G-20, Financial Stability Board, and other international standard-setting and economic cooperation bodies.
Passed the Committee by a voice vote.
H.R. 6899, the Russia and Belarus SDR Exchange Prohibition Act is a bill offered by Representative French Hill (R-AK) that seeks to deprive Russia and Belarus from converting their holdings of Special Drawing Rights for hard currency.
